Health care stocks advanced late Tuesday afternoon, with the NYSE Health Care Index rising 1.2% and the Health Care Select Sector SPDR Fund (XLV) adding 1.2%.

The iShares Biotechnology ETF (IBB) climbed 0.9%.

In corporate news, Walgreens Boots Alliance (WBA) is assessing the remaining assets of drugstore chain Rite Aid, which filed for bankruptcy in May, Reuters reported. Walgreens added 0.2%.

Novo Nordisk (NVO) shares jumped past 5%. The company has launched a new late-stage trial to evaluate how well its experimental obesity drug CagriSema helps patients lose weight and maintain weight loss over the long term.

Eli Lilly (LLY) will only partner with telehealth firms that stop selling copycat versions of its weight-loss drug, Bloomberg reported, citing Chief Financial Officer Lucas Montarce, speaking at a conference. Eli Lilly shares were rising past 4%.

Insmed (INSM) shares surged over 28% after the firm said its phase 2b trial of treprostinil palmitil inhalation powder in patients with pulmonary arterial hypertension met its primary endpoint and all secondary efficacy endpoints.